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Soybean futures closed 8 to 10 1/4 higher today, reinforced by a $6.00 rise in nearby meal futures. Soybean oil was quiet, up 12 ticks. The USDA weekly Export Sales report was larger than expected at 1.046 MMT, with 350,000 MT of the total booked for 2015/16. Cumulative export commitments (shipped + unshipped) now total 86% of the full year WASDE estimate. They would typically be 79% by now. Either USDA will have to raise the forecast or second half sales will have to be even smaller than last year. Net weekly soybean meal sales were 146,800 MT. The USDA baseline forecast calls for a small decline in 2015 soybean plantings, to 84.0 million acres.
Jan 15 Soybeans closed at $10.35, up 8 cents,
Mar 15 Soybeans closed at $10.43 1/4, up 8 cents,
May 15 Soybeans closed at $10.50 1/4, up 9 1/4 cents,